Tuesday | May 17, 2022 | 1:15 PM PST
Given that there seems to me to be what I view as an overall general 70-minute intraday trend, the thought I had was, “Does it not follow that a trader should be able to reap the greatest amount of return by entering trades when this measure reverses direction?”
But the problem is that often, rather than reverse direction, the 70-minute price flow goes into a consolidation or accumulation pattern. And who knows once this sideways price movement is over, whether the asset will go ahead and turn around, or whether it will resume heading in the same direction. It was traveling before? So then, attempting to trade reversals in the 70-minute baseline is not a viable alternative.
However, something I DID see that looked promising was in this trend’s pullbacks rather than its reversals. So, what I'm going to do next is analyze or evaluate these pullbacks more closely. (I'm recording all this in a spiral notebook right now, because I don't have my laptop with me.) If I find that they constitute reversals in the 12-minute trend that can be verified using the five-part verification process listed in Post #86, I will code an alert and begin trading this setup exclusively. Or… If these reversals involve identical 15- and 105-minute temporal support or resistance levels and reversals in the five-minute baselines, again, I will call it an alert and begin trading this setup exclusively.
This means the set of conditions I originally planned to trade (i.e., two-minute pullbacks in the 15-minute trend?) will be suspended due to their being at least one alternative that is just as likely to yield successful outcomes, yet is also more likely to generate even greater returns.
Given that there seems to me to be what I view as an overall general 70-minute intraday trend, the thought I had was, “Does it not follow that a trader should be able to reap the greatest amount of return by entering trades when this measure reverses direction?”
But the problem is that often, rather than reverse direction, the 70-minute price flow goes into a consolidation or accumulation pattern. And who knows once this sideways price movement is over, whether the asset will go ahead and turn around, or whether it will resume heading in the same direction. It was traveling before? So then, attempting to trade reversals in the 70-minute baseline is not a viable alternative.
However, something I DID see that looked promising was in this trend’s pullbacks rather than its reversals. So, what I'm going to do next is analyze or evaluate these pullbacks more closely. (I'm recording all this in a spiral notebook right now, because I don't have my laptop with me.) If I find that they constitute reversals in the 12-minute trend that can be verified using the five-part verification process listed in Post #86, I will code an alert and begin trading this setup exclusively. Or… If these reversals involve identical 15- and 105-minute temporal support or resistance levels and reversals in the five-minute baselines, again, I will call it an alert and begin trading this setup exclusively.
This means the set of conditions I originally planned to trade (i.e., two-minute pullbacks in the 15-minute trend?) will be suspended due to their being at least one alternative that is just as likely to yield successful outcomes, yet is also more likely to generate even greater returns.